MISMO released the latest version of its Residential Reference Model, opening up the standard to review, the standards development body announced Tuesday.
Beyond the new reference model version release, MISMO also unveiled its Consumer Financial Protection Bureau Loan Estimate Form Mapping tool as well as a new white paper dealing with exchange of business rules in the mortgage industry.
Version 3.3.1 of the model passed review by a wide range of industry participants, with MISMO prepared to implement it pending a 30-day intellectual property rights review periods, the organization said in a press release. The new version features new data points and structures that support regulatory requirements.
The new model also includes updates to mortgage insurance coverage and conditions, title, payoff and property valuation. Additional resources provided with the release are scheme comparison reports and MISMO Java bindings reference materials.
The new model is compatible with Version 3.3, MISMO said.
